Remuneration to partners
This query is : Resolved
14 September 2010
If remuneration is paid to partners @ the year end & not monthly.As per partnership deed upto 30.9.09 slabs were 75000, 150000 n +....but on 1.10.09 partnership deed changd to new I.T. rates.Say if net profit is 600000 wht shall be d allowable remuneration? Also will the remuneration calculated be as per the deed for 1st 6 months.
15 September 2010
Remuneration increase cannot be retrospective as per section 40(b).
So i think u will have to calculate remuneration on book profit based on time basis unless there is some other alternative way to calculate book profit for each of the six months.
And then calculate remuneration at half the rates i. e. for six months.
So i think u will have to calculate remuneration on book profit based on time basis unless there is some other alternative way to calculate book profit for each of the six months.
And then calculate remuneration at half the rates i. e. for six months.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Relief u/s Section 89
- REGARDING SECTION 44AE
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
